emini 6th March 2020 – pre-open from ChartProfit
ES turned down from the 1/2R Resistance at 3125.50, dashed line, see highlighted comments. Thursday’s Value Area was generated entirely below the minor poc at 3049.50, see yesterday’s highlighted comments. Pre-open today ES has printed sharply lower, below 2950. The major poc Support is at 2887 and in the longer time-frame it is critical that the Support at 2887 holds. A Value Area generated below that level would be LT negative.
Stocks>50dyma numbers: Nyse 14% (from 19%), Nasdaq 14% (from 19%), R2000 13% (from 17%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 14.06, a four month low. Down from 28.6 in December, the highest in my database.
Bonds – TLT: in early Feb we saw a higher low form above the 1/2R Support off August high and TLT moved strongly higher from there. TLT closed at a new high on Thursday.
Dollar Index: Maj VAH at 99.50 was probed again in mid February, as in September. Looks like rejection so far with the dollar lower from there, but acceptance (time) at or above this level would be bullish.
Gold: on Thursday GLD closed at its highest level since early 2013.
Oil: USO has declined this year and has been printing below 11.41, the major poc, in a weak position. Rallied back mid-February but turned lower from that Resistance and fell heavily to end last week at its lowest level since 2017.
GBPUSD: mid-Feb the major poc migrated lower, back to 1.2933 (from 1.3128). GBPUSD is today printing back above that level in a stronger position.
EURUSD: earlier in the year there was a rejected probe above 1.1216, the major poc. EURUSD declined from there to print its lowest level since April 2017 but has rallied back strongly and is today printing back above that level in a stronger position.
Dollar Index: Maj VAH at 99.50 was probed again in mid February, as in September. Looks like rejection so far with the dollar lower from there, but acceptance (time) at or above this level would be bullish.
Gold: on Thursday GLD closed at its highest level since early 2013.
Oil: USO has declined this year and has been printing below 11.41, the major poc, in a weak position. Rallied back mid-February but turned lower from that Resistance and fell heavily to end last week at its lowest level since 2017.
GBPUSD: mid-Feb the major poc migrated lower, back to 1.2933 (from 1.3128). GBPUSD is today printing back above that level in a stronger position.
EURUSD: earlier in the year there was a rejected probe above 1.1216, the major poc. EURUSD declined from there to print its lowest level since April 2017 but has rallied back strongly and is today printing back above that level in a stronger position.